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As the SEC lawsuit against Ripple nears a crucial phase, Ripple co-founder Chris Larsen is making strategic moves to protect XRP from further regulatory action. The company’s focus is on maintaining the court’s previous ruling that XRP is not a security, while also preventing the SEC from imposing additional penalties. Larsen’s actions aim to block any potential sanctions from the SEC and protect XRP from renewed scrutiny.
Chris Larsen’s Strategic Filing
Larsen recently made a key filing just days before the critical deadline for submitting Form C in the ongoing legal battle with the SEC. By submitting this notification, Ripple aims to prevent issues that could arise from cross-appeal processes. The goal is to stop the SEC’s potential punitive actions and ensure the security-related classification of XRP remains settled. This move positions Larsen and Ripple to take a more decisive stance in the company’s legal defense.
Ripple’s Cross-Appeal Filing
Ripple’s cross-appeal seeks to put an end to the SEC’s enforcement efforts once and for all. Led by attorney Stuart Alderoty, Ripple’s legal team argues that the SEC’s attempts to overturn the previous ruling, which stated XRP is not a security, are unlikely to succeed. Alderoty emphasized that the court’s decision is now the “law of the land” and noted that for the SEC to win its appeal, it would need to prove that Judge Analisa Torres’s ruling was not made with “ordinary intelligence.”
Critical Form C Deadline on October 24
The next important step for Ripple is submitting Form C by the midnight deadline on October 24. This document is crucial for Ripple to continue its legal battle. Failing to file on time could hinder the company’s ability to present further oral arguments. However, Ripple is well-prepared and has taken all necessary precautions to meet this deadline, ensuring they are ready for any potential scenarios in the case.
Despite the ongoing legal uncertainties, the XRP community remains optimistic. A favorable outcome for Ripple could lead to a significant price surge for XRP, which is currently trading at $0.5273, down 4% over the past 24 hours. XRP’s 24-hour trading volume stands at $1.42 billion, indicating sustained market activity despite the legal challenges.
What’s Next for Ripple?
Ripple’s legal battle with the SEC is shaping up to be a critical moment for the cryptocurrency industry. While XRP holders remain hopeful, the outcome of this case could set a precedent for how other cryptocurrencies are classified and regulated. Ripple’s proactive steps, including its timely filing of Form C, will play a crucial role in determining its future in the market.
